The crypto market is facing a very downside stress test, with nearly $1 billion liquidated across the board. According to CoinGlass data, one of the main assets affected by this trend is Shiba Inu (SHIB) saw a total liquidation of $3.63 million in the last 24 hours. This liquidation figure corresponds to 14.8 trillion worth of SHIBs liquidated during this period.
Long traders are those who bet on the token’s future growth, a group that saw the bulk of the $3.45 million liquidation. Short traders who bet on the price decline also saw a total of $186,400 removed from circulation as volatility impacted price action. The Shiba Inu price drop is emerging as a major derailment in the recovery attempt. The token is trading at $0.00002425, down 12.17% in the last 24 hours and more than 11% on a weekly basis. Concerns remain for the Shiba Inu because many of their measurements record opposite or contradictory growth trends. While the token has managed to maintain support at the $0.000023 price level, the probability of clearing headwinds is generally pegged at a single average level.
Shiba Inu Metrics Still Optimistic
Despite the current bearish outlook, some key SHIB metrics remain optimistic. Some of these involve large transaction numbers worth $100,000 or more. According to data from IntoTheBlock (ITB), these large transactions increased by 276.29% to $212.56 million in 24 hours.
The number of transactions on the SHIB network also increased by 5.62% from 5,200 to 5,750 as of April 10. The last metric to show an increase is trading volume, which increased by $167.03 in 24 hours to $1,199,915,774, a sign that more traders are interested in the asset.
